Cattle: Cash cattle so far: $146.00 on light test only, south. On 44 boxed loads cut outs dn. $.04(c) to up. $.79(s) on very light midday movement.
Comments: Heard $146.00 light in Nebraska and $145.00 light in Kansas. Very likely the trend. Cattle futures however found extra underlying support I suspect with hedge lifting. Retail report suggests higher priced ground beef and chucks with lower rounds; pork chops and boneless hams lower; and chicken whole/breasts lower.
Hogs: Interior hogs not well established.
Pork cut outs fell $.53, on hams/bellies/loins weakness.
Comments: Nothing day as the premiums make buyers cautious but sellers not keen on pressing the issue. As alluded to above, retail certainly shifting to the pork. But “featured” is already booked. Need to see more.
GRAINS & OILSEEDS:
Corn: New swing highs on he back of a robust weekly export sales report and another overnight sale of old crop to unknown.
Soybeans: When March beans failed to extend its new swing lows on the early break, that ‘large’ jump in open interest yesterday likely a factor (and the corn/meal recovery) seemingly to spark some shortcovering if not bottom picking. Not sure what was fundamentally behind it so oversold gets the nod. One weather forecaster reported Brazil early yields up 10% on the year.
Wheat: The world parties and wheat sits in the shadows, so to speak. An improved and generally good weekly export sales report then seemed only to indicate our prices came down to be competitive but little else. And will need to stay competitive.